Canfor Corporation was Upgraded to a Hold Rating at RBC Capital

By Ryan Adsit

Canfor Corporation (TSX: CFP), the Materials sector company, has received a rating update from a Wall Street analyst yesterday. RBC Capital’s analyst Paul Quinn upgraded CFP to Hold , with a C$26 price target.

According to, Quinn is a top 100 analyst with an average return of 23.4% and a 79.6% success rate. Quinn covers the Consumer Goods sector, focusing on stocks such as Rayonier Advanced Materials, Mercer International Inc, and International Paper Co.

Currently, the analyst consensus on Canfor Corporation is Moderate Buy and the average price target is C$28.13, representing a 3.5% upside.

In a report issued on January 10, Scotiabank also reiterated a Hold rating on the stock with a C$26.50 price target.

Based on Canfor Corporation’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of C$1.17 billion and quarterly net profit of C$66.2 million. In comparison, last year the company earned revenue of C$1.04 billion and had a net profit of C$38 million.

Canfor Corp. engages in the lumber business. It operates through the following segments: Lumber and Pulp & Paper. The Lumber segment deals with logging activities and manufactures wood chips, pellets and wood products. The Pulp & Paper segment produces and trades northern bleached softwood kraft and bleached chemi-thermo mechanical pulp.

The company’s shares closed on Friday at C$27.19.